[ BOARD OF ACCOUNTANCY PRC RESOLUTION NO. 11, S. OF 2000, May 05, 2000 ]

ADOPTION OF THE AMENDMENT OF THE ACCOUNTING STANDARDS COUNCIL (ASC) TO THE STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 19 (RE: ACCOUNTING FOR INVESTMENTS IN DEBT AND MARKETABLE EQUITY SECURITIES OF BANKS) AS PART OF THE RULES AND REGULATIONS FOR THE PRACTICE OF ACCOUNTANCY



WHEREAS, in Resolution No. 19, Series of 1997, the Board adopted the document entitled œStatement of Financial Accounting Standards No. 19  as part of the rules and regulations of the Board for the practice of the accountancy profession.

WHEREAS, the Accounting Standards Council (ASC), on December 20, 1999 approved the amendments of ASC SFAS No. 19 embodied in a document entitled œStatement of Financial Accounting Standards No. 19A , copy of which was submitted to the Board on January 3, 2000.

WHEREAS, after a judicious study and review of the amendments to the provisions of ASC SFAS No. 19 embodied in ASC SFAS No. 19A approved by the Accounting Standards Council, the Board finds the amendments well-taken in the light of the Council ™s decision to œalign the provisions of ASC SFAS No. 19 with the provisions of BSP Circular No. 161 which was based on FASB Statement No. 115, Accounting for Investments in Debt and Equity Securities issued by the US Financial Accounting Standards Board .

WHEREFORE, the Board resolved as it hereby resolves to adopt the document entitled œStatement of Financial Accounting Standards No. 19A  marked as Annex œA  (* Text Available at the Office of the National Administrative Register, U.P. Law Center, Diliman, Quezon City) and made a part hereof, which amends certain provisions of ASC SFAS No. 19 as part of its rules and regulations for the practice of accountancy.

Resolved further, that the Resolution and its Annex œA  shall take effect after fifteen (15) days following their publication in the Official Gazette or in a newspaper of general circulation in the Philippines, whichever is earlier.

Adopted: 05 May 2000

(SGD.) ANTONIETA FORTUNA-IBE
Chairman

(SGD.) EUGENE MATEO
Vice-Chairman

(SGD.) VIOLETA V. VICENTE
Member

(SGD.) RUPERTO P. SOMERA
Member

(SGD.) LIWAYWAY F. GENER
Member

(SGD.) SOLITA V. DELANTAR
Member

(SGD.) JOHN S. BALA
Member

ATTESTED:

(SGD.) CARLOS G. ALMELOR
Secretary, Professional Regulatory Boards

APPROVED:

(SGD.) HERMOGENES P. POBRE
Commission Chairman

(SGD.) ALFONSO G. ABAD
Associate Commissioner

(SGD.) AVELINA DE LA REA-TAN
Associate Commissioner